Prime Minister Holness’ net worth grew by $51.5m over five years, Integrity Commission reports

Jamaica’s Integrity Commission has revealed that Prime Minister Andrew Holness’ net worth increased by $51.5 million between 2017 and 2021.

The findings were part of an investigation into Holness’ 2021 statutory declarations, which remain uncertified.

The commission explained that its calculation of Holness’ net worth included the conversion of income and assets from US dollars to Jamaican dollars. It also identified $4.49 million in unexplained net worth changes for the year ending December 31, 2021.

“Although the declarant’s net worth appeared to align with income for some years, the growth of the net assets of companies for which the declarants and close family members are majority shareholders and the actual contributions of the minority shareholders need to be further examined,” the commission noted in its report.

The investigation, based on a referral related to Holness’ 2021 declaration, was expanded to cover the years 2018 through 2023 to provide a more thorough examination of the issues.

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Despite the commission’s findings, Kevon Stephenson, the director of investigation (DI), noted that he was unable to conclude whether there was illicit enrichment due to a lack of access to Holness’ personal expenses over the relevant period and unresolved questions about companies connected to the prime minister.

The referenced analysis did not reveal any unexplained growth in Holness’ net worth for the year 2021. The analysis, however, revealed unexplained growth in Mr Holness’ net worth for the year 2022.

Holness rejects findings

Prime Minister Holness has rejected parts of the Integrity Commission’s report, particularly the conclusion that his net worth experienced unexplained growth of J$1.9 million in 2022, representing less than one percent of his total net assets.

“I reject this finding based on materiality and significance… I have seen an error in figures they have used in their calculations, and therefore, I challenge this finding on incorrect use of data,” Holness stated.

He further denied claims that he acquired an asset without adequately explaining the source of funds, pointing to errors by a financial institution. “The Commission, in its own report, pointed out that this whole episode started with an incorrect statement from a bank,” Holness explained, adding that the bank’s verification of his US dollar holdings was inaccurate.

Holness also rejected suggestions that he hindered the investigation by not supplying requested information, asserting that he has complied with all legal obligations. He indicated that he would seek legal advice regarding the report’s recommendations, including potential referrals to other entities.

Holness said he has always sought to discharge his duties with respect and dignity and has never lost focus on ensuring a stable, resilient, and growing economy, reducing unemployment, improving our security as a nation, building out infrastructure, and providing support for the most vulnerable in our society.

The prime minister criticized the Integrity Commission’s legal framework, calling for urgent revisions to improve its credibility.